Namliong SkyCosmos (NLSC) 10-Q 28 Sep 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Details
Registrant CIK	0001342219
Fiscal Year End	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	333-130606
Entity Registrant Name	KREIDO BIOFUELS, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	20-3240178
Entity Address, Address Line One	3625 Cove Point Drive
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84109
Entity Address, Address Description	Address of Principal Executive Offices
City Area Code	801
Local Phone Number	209-0740
Phone Fax Number Description	Issuer’s Telephone Number
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		195,645,159
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash	$ 0	$ 0
Due from Related Party	0	0
Prepaid Expenses	0	0
Total Current Assets	0	0
TOTAL ASSETS	0	0
CURRENT LIABILITIES
Accounts Payable	36,879	35,817
Related Party Payable	34,596	33,621
Total Current Liabilities	71,475	69,438
LONG TERM LIABILITIES
Total Long Term Liabilities	0	0
Total Liabilities	71,475	69,438
Shareholders' deficit:
Preferred shares	0	0
Common shares	1,956	1,956
Additional paid-in capital	48,984,877	48,984,877
Accumulated Deficit	(49,058,308)	(49,056,271)
Total Stockholders' Deficit	(71,475)	(69,438)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 0	$ 0

Consolidated Balance Sheets - P

Consolidated Balance Sheets - Parenthetical - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Details
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares, Issued	1,956,452	1,956,452
Common Stock, Shares, Outstanding	1,956,452	1,956,452

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Details
REVENUES	$ 0	$ 0	$ 0	$ 0
EXPENSES
Professional Fees	0	2,500	0	2,500
General and administrative	(263)	2,764	2,037	4,435
Total Expenses	(263)	5,264	2,037	6,935
LOSS FROM OPERATIONS	263	(5,264)	(2,037)	(6,935)
Net Loss	$ 263	$ (5,264)	$ (2,037)	$ (6,935)
BASIC AND DILUTED LOSS PER SHARE	$ 0	$ 0	$ 0	$ 0
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	1,956,452	1,956,452	1,956,452	1,956,452

Consolidated Statement of Stock

Consolidated Statement of Stockholder's Equity - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2019	$ 1,956	$ 48,984,877	$ (49,044,627)	$ (57,794)
Shares, Outstanding, Beginning Balance at Dec. 31, 2019	1,956,452
Net Loss			(1,671)	(1,671)
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2020	$ 1,956	48,791,188	(49,046,298)	(59,465)
Shares, Outstanding, Ending Balance at Mar. 31, 2020	1,956,452
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2019	$ 1,956	48,984,877	(49,044,627)	(57,794)
Shares, Outstanding, Beginning Balance at Dec. 31, 2019	1,956,452
Net Loss	$ 0	0	(6,935)	(6,935)
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2020	$ 1,956	48,984,877	(49,051,562)	(64,729)
Shares, Outstanding, Ending Balance at Jun. 30, 2020	1,956,452
Stockholders' Equity Attributable to Parent, Beginning Balance at Mar. 31, 2020	$ 1,956	48,791,188	(49,046,298)	(59,465)
Shares, Outstanding, Beginning Balance at Mar. 31, 2020	1,956,452
Net Loss			(5,264)	(5,264)
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2020	$ 1,956	48,984,877	(49,051,562)	(64,729)
Shares, Outstanding, Ending Balance at Jun. 30, 2020	1,956,452
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2020	$ 1,956	48,984,877	(49,056,271)	(69,438)
Shares, Outstanding, Beginning Balance at Dec. 31, 2020	1,956,452
Net Loss	$ 0	0	(2,300)	(2,300)
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2021	$ 1,956	48,984,877	(49,058,571)	(71,738)
Shares, Outstanding, Ending Balance at Mar. 31, 2021	1,956,452
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2020	$ 1,956	48,984,877	(49,056,271)	(69,438)
Shares, Outstanding, Beginning Balance at Dec. 31, 2020	1,956,452
Net Loss	$ 0	0	(2,037)	(2,037)
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2021	$ 1,956	48,984,877	(49,058,308)	(71,475)
Shares, Outstanding, Ending Balance at Jun. 30, 2021	1,956,452
Stockholders' Equity Attributable to Parent, Beginning Balance at Mar. 31, 2021	$ 1,956	48,984,877	(49,058,571)	(71,738)
Shares, Outstanding, Beginning Balance at Mar. 31, 2021	1,956,452
Net Loss	$ 0	0	263	263
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2021	$ 1,956	$ 48,984,877	$ (49,058,308)	$ (71,475)
Shares, Outstanding, Ending Balance at Jun. 30, 2021	1,956,452

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
OPERATING ACTIVITIES
Net Loss	$ (2,037)	$ (6,935)
Changes in operating assets and liabilities:
Change in account payable - related party	975	975
Change in accounts payable	1,062	5,960
Operating Activities	0	0
CASH FLOWS FROM INVESTING ACTIVITIES	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Financing Activities	0	0
NET INCREASE IN CASH	0	0
CASH AT BEGINNING OF PERIOD	0	0
CASH AT END OF PERIOD	0	0
SUPPLEMENTAL DISCLOSURES OF
Interest	0	0
Income Taxes	0	0
NON-CASH INVESTING AND FINANCING ACTIVITIES
Stock issued for debt	$ 0	$ 0

NOTE 1 - ORGANIZATION AND BUSIN

NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS	6 Months Ended
	Jun. 30, 2021
Notes
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS	NOTE 1 - ORGANIZATION AND BUSINESS Nature of Business Kreido Biofuels, Inc. was incorporated as Gemwood Productions, Inc. under the laws of the State of Nevada on February 7, 2005. Gemwood Productions, Inc. changed its name to Kreido Biofuels, Inc. on November 2, 2006. The Company took its current form on January 12, 2007 when Kreido Laboratories (“Kreido Labs”), completed a reverse triangular merger with Kreido Biofuels, Inc. Kreido Labs, formerly known as Holl Technologies Company, was incorporated on January 13, 1995 under the laws of the State of California. Since incorporation, Kreido Labs has been engaged in activities required to develop, patent and commercialize its products. Kreido Labs was the creator of reactor technology that was designed to enhance the manufacturing of a broad range of chemical products. The cornerstone of Kreido Labs’ technology was its patented STT ® (Spinning Tube in Tube) diffusional chemical reacting system, which were both a licensable process and a licensable system. In 2005, the Company demonstrated how the STT ® could make biodiesel from vegetable oil rapidly with almost complete conversion and less undesirable by-products. The Company had continued to pursue this activity, built and tested a pilot biodiesel production unit and, prior to June 20, 2008, was in the process of developing the first of its commercial biodiesel production plants in the United States that, if constructed and put into operation, was expected to produce approximately 33 million to 50 million gallons per year. On June 20, 2008, the Company announced that due to the weakening of the economy, the continued financial market turmoil and the inability to raise needed capital to finance site construction and plant start-up costs, the Company was suspending work regarding its flagship biodiesel production plant at the Port of Wilmington, North Carolina. In November of 2017, the Company discontinued operations of its subsidiary, Kreido Labs, Inc. We are currently seeking new business opportunities with established business entities for merger with or acquisition of a target business. In certain instances, a target business may wish to become our subsidiary or may wish to contribute assets to us rather than merge. We have not yet begun negotiations or entered into any definitive agreements for potential new business opportunities, and there can be no assurance that we will be able to enter into any definitive agreements. Any new acquisition or business opportunities that we may acquire will require additional financing. There can be no assurance, however, that we will be able to acquire the financing necessary to enable us to pursue our plan of operation. If our company requires additional financing and we are unable to acquire such funds, our business may fail. Management of our company believes that there are benefits to being a reporting company with a class of securities quoted on the OTC Markets, such as: (i) the ability to use registered securities to acquire assets or businesses; (ii) increased visibility in the financial community; (iii) the facilitation of borrowing from financial institutions; (iv) potentially improved trading efficiency; (v) potential stockholder liquidity; (vi) potentially greater ease in raising capital subsequent to an acquisition; (vii) potential compensation of key employees through stock awards or options; (viii) potentially enhanced corporate image; and (ix) a presence in the United States’ capital market. We may seek a business opportunity with entities that have recently commenced operations, or entities who wish to utilize the public marketplace to raise additional capital in order to expand business development activities, to develop a new product or service, or for other corporate purposes. We may acquire assets and establish wholly-owned subsidiaries in various businesses or acquire existing businesses as subsidiaries. In implementing a structure for a particular business acquisition or opportunity, we may become a party to a merger, consolidation, reorganization, joint venture, or licensing agreement with another corporation or entity. We may also acquire stock or assets of an existing business. Upon the consummation of a transaction, it is anticipated that our sole officer and two directors will continue to manage the Company however; it is possible that with any business combination, new management will be appointed.

NOTE 2 - SUMMARY OF SIGNIFICANT

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
Notes
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the six months ended June 30, 2021 and 2020 have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2020 audited financial statements. The results of operations for the periods ended June 30, 2021 are not necessarily indicative of the operating results for the full year. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Kreido Laboratories, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Accounting Estimates The preparation of the financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments Financial instruments, including cash and accrued expenses and other liabilities are carried at amounts, which reasonably approximate their fair value due to the short-term nature of these amounts or due to variable rates of interest, which are consistent with market rates. Loss per Common Share Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Cash and Cash Equivalents The Company considers all highly liquid investment with an original maturity of three months or less to be cash equivalents. The Company had no cash balances as of June 30, 2021 and December 31, 2020. Stock-based compensation The Company recognizes compensation expense for all stock-based compensation awards based on the grant-date fair value estimated in accordance with the provisions of ASC 718. Income Taxes Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of June 30, 2021 and December 31, 2020 there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. Fair Value of Financial Instruments The Company follows guidance for accounting for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. Recent Accounting Pronouncements The FASB established the Accounting Standards Codification (“Codification” or “ASC”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). Rules and interpretative releases of the Securities and Exchange Commission (“SEC”) issued under authority of federal securities laws are also sources of GAAP for SEC registrants. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

NOTE 3 - GOING CONCERN

NOTE 3 - GOING CONCERN	6 Months Ended
	Jun. 30, 2021
Notes
NOTE 3 - GOING CONCERN	NOTE 3 - GOING CONCERN In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans, which raises substantial doubt about the ability of the Company to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

NOTE 4 - STOCKHOLDERS' EQUITY

NOTE 4 - STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2021
Notes
NOTE 4 - STOCKHOLDERS' EQUITY	NOTE 4 – STOCKHOLDERS’ EQUITY Common Stock The Company’s Articles of Incorporation authorize the issuance of up to 300,000,000 common shares, par value $0.001 per share, and 10,000,000 preferred shares, also $0.001 par value. There were 1,956,452 2019 During 2019, a related party forgave an outstanding balance of $21,350 and the forgiveness of related party debt was recorded in additional paid-in capital.

NOTE 5 - RELATED PARTY TRANSACT

NOTE 5 - RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2021
Notes
NOTE 5 - RELATED PARTY TRANSACTIONS	NOTE 5 – RELATED PARTY TRANSACTIONS As of June 30, 2021 and December 31, 2020, the Company had a related party payable in the amount of $34,596 and $33,621. The related party payable is a shareholder in the Company, who advanced a total of $975 during the six months ended June 30, 2021 to provide working capital for the Company. The advances are unsecured, non-interest and due on demand.

NOTE 6 - SUBSEQUENT EVENTS

NOTE 6 - SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
Notes
NOTE 6 - SUBSEQUENT EVENTS	NOTE 6 – SUBSEQUENT EVENTS The Company evaluated subsequent events from June 30, 2021, through the date the financial statements were issued. There have been no subsequent events after June 30, 2021 for which disclosure is required.

NOTE 2 - SUMMARY OF SIGNIFICA_2

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the six months ended June 30, 2021 and 2020 have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2020 audited financial statements. The results of operations for the periods ended June 30, 2021 are not necessarily indicative of the operating results for the full year.

NOTE 2 - SUMMARY OF SIGNIFICA_3

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Principles of Consolidation (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Kreido Laboratories, Inc. All significant intercompany balances and transactions have been eliminated in consolidation.

NOTE 2 - SUMMARY OF SIGNIFICA_4

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Accounting Estimates (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Accounting Estimates	Accounting Estimates The preparation of the financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

NOTE 2 - SUMMARY OF SIGNIFICA_5

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair Value of Financial Instruments (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial instruments, including cash and accrued expenses and other liabilities are carried at amounts, which reasonably approximate their fair value due to the short-term nature of these amounts or due to variable rates of interest, which are consistent with market rates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company follows guidance for accounting for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments.

NOTE 2 - SUMMARY OF SIGNIFICA_6

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Loss per Common Share (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Loss per Common Share	Loss per Common Share Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.

NOTE 2 - SUMMARY OF SIGNIFICA_7

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investment with an original maturity of three months or less to be cash equivalents. The Company had no cash balances as of June 30, 2021 and December 31, 2020.

NOTE 2 - SUMMARY OF SIGNIFICA_8

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Stock-based compensation (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Stock-based compensation	Stock-based compensation The Company recognizes compensation expense for all stock-based compensation awards based on the grant-date fair value estimated in accordance with the provisions of ASC 718.

NOTE 2 - SUMMARY OF SIGNIFICA_9

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Income Taxes (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Income Taxes	Income Taxes Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of June 30, 2021 and December 31, 2020 there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration.

NOTE 2 - SUMMARY OF SIGNIFIC_10

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Recent Accounting Pronouncements	Recent Accounting Pronouncements The FASB established the Accounting Standards Codification (“Codification” or “ASC”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). Rules and interpretative releases of the Securities and Exchange Commission (“SEC”) issued under authority of federal securities laws are also sources of GAAP for SEC registrants. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

NOTE 1 - ORGANIZATION AND BUS_2

NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS (Details)	6 Months Ended
	Jun. 30, 2021
Gemwood Productions, Inc
Entity Incorporation, Date of Incorporation	Feb. 7, 2005
Kreido Labs
Entity Incorporation, Date of Incorporation	Jan. 13, 1995

NOTE 4 - STOCKHOLDERS' EQUITY (

NOTE 4 - STOCKHOLDERS' EQUITY (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Details
Common Stock, Shares Authorized		300,000,000	300,000,000
Common Stock, Par or Stated Value Per Share		$ 0.001	$ 0.001
Preferred Stock, Shares Authorized		10,000,000	10,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.001	$ 0.001
Common Stock, Shares, Issued		1,956,452	1,956,452
Common Stock, Shares, Outstanding		1,956,452	1,956,452
Gain (Loss) on Extinguishment of Debt	$ 21,350

NOTE 5 - RELATED PARTY TRANSA_2

NOTE 5 - RELATED PARTY TRANSACTIONS (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Details
Related Party Payable	$ 34,596	$ 33,621
Increase (Decrease) in Due to Related Parties	$ 975